So, is your company using NetSuite in Latin America?
Did you know that complying with tax laws and regulations that constantly change in the Latin American region is a challenge that many solution providers fail at?
LatamReady can help you with all your compliance necessities within NetSuite. So keep an eye out on what we’re going to tell you.
For global businesses, accurate tax determination/reporting/calculation… etc is in Latin America is important to understand and keep compliant with. Getting this right within your ERP system continues to be increasingly complicated because of the rapid movement of legally and regulatory changes that are being made in the region.
Why tax compliance within NetSuite for LatAm SHOULD’NT be overlooked.
Tax compliance refers to fulfilling all tax obligations as specified by the local law authorities freely and completely. Tax compliance also means submitting a tax return within the stipulated period, performing correct income and deductions, paying assessed taxes by the due date and paying imposed taxes. This is difficult to understand if you don’t have the solution for it or a point of contact with the updated information.
Diving deep – understanding things a little better
One huge challenge in taxation for all Latin America is the complacency of withholding taxes. A withholding tax is an amount of capital that an employer withholds from employees’ salaries and pays directly to the government every month. There is no way of avoiding this.
The amount withheld is a credit against the income taxes the employee must pay during the year. In other words, a withholding tax, or a retention tax, is an income tax to be paid to the government by the payer of the salary rather than by the receiver of it.
We know it can be confusing, don’t worry LatamReady is HERE!.
As you may know, the LatamReady SuiteApp is an excellent Tax Compliance solution inside the Latin American region within Oracle NetSuite. LatamReady works tirelessly every day to provide the best experience with the ultimate solution to all international corporations’ tax compliance problems. E-invoicing, E-payments, Legal Ledgers, and many other issues can easily be dealt with via LatamReady.
Be aware of the changes that are happening regarding tax compliance not only in Brazil but also Argentina, Mexico, Colombia, and 18+ other countries in the Latin American space please check www.latamready.com or feel free to call us at +1-786-600-2641.
LEARN MORE!|Argentina and US with Oracle NetSuite
Want to implement the ULTIMATE Tax Compliance solution?
One thought on “The biggest ‘Tax Compliance Challenge’ in Latin America is…”